From here, Nansen says many users opted to sell their stETH back for ETH, which had the effect of depressing stETH’s price. Most stETH sellers, according to Nansen, dropped their tokens onto Curve – a stablecoin-focused decentralized exchange (DEX). “The net stETH buy/sell during this period reveals that a net cumulative of over 169k stETH were sold on DEXs (primarily on Curve),” Nansen recounted.
Nansen Casts Blame for stETH ‘De-Peg’ on Terra
